Home Finance 36-Unit Apartment Portfolio in Shoreline Sells for $5.7MM

36-Unit Apartment Portfolio in Shoreline Sells for $5.7MM

Shoreline, Summerfield Commercial

SHORELINE, WA – Summerfield Commercial is pleased to announce the successful portfolio sale of Village Vista and Village East Apartments, a combined 36 residential units located in King County. Village Vista and Village East are located adjacent to one another at 928 North 200th Street, Shoreline, WA and 20060 Whiteman Ave North, Shoreline, WA , respectively. Project S35 LLC purchased both properties. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transactions.

The properties sold for a combined value of $5,675,000 at a 6.0% cap rate. This translates to $157,639 per unit and $189 per square foot. The deal closed on December 23rd, 2019.

Village Vista is 16 residential units having been built in 1966 while Village East is 20 unit built in 1970. In total the apartment community is 36 units comprised of studio, one, two, and three bedrooms with an average size of 837 square feet. The property includes reserved parking and two on-site laundry facilities.

Summerfield Commercial specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.

Shoreline, Summerfield Commercial